Mortgage and Interest Rates...?
Currently I am in a 5-year ARM and my rate is approximately 5.3% and in 2010 it will be up. It could move about up by 2.5%. My payments are about $750...so how much could my payments go up?
Answers:
Your interest rate is in the order of a point lower than the interest rates that are being offered today. I wouldn't do anything to change that.
get your note and carry it quickly. There are some notes that I've see where the new rate doubles. Read the file and see what the adjustment and margin are. You may want to see about a refi if you enjoy the equity, while the rate will be higher, you'll have piece of mind and will know how to increase the check from uncle sam every year, hope this helps and good luck Source(s): mortgage broker
You don't read aloud how much your loan balance is, and whether your current payment includes taxes and insurance.
So, assuming that your reward includes principal and interest only, your loan balance should be approximately $135,000 base on your current payment of $750/month. This also assumes your loan term is 30 years.
At 7.8% annual percentage rate, your spanking new payment would be $972/month for principal and interest only.
So, your payoff would increase by approximately $222.
You will find this information surrounded by the disclosure forms you received with your loan.
Related Questions:
How long do you dream up mortgage rates will stay at 5% or below? ?
I know no one knows for sure, but what is your prediction. We enjoy rates here (IL) at 4.75% right now and we're anxious to buy a house, but no one is selling within our small town...
Answers:
Your interest rate is in the order of a point lower than the interest rates that are being offered today. I wouldn't do anything to change that.
get your note and carry it quickly. There are some notes that I've see where the new rate doubles. Read the file and see what the adjustment and margin are. You may want to see about a refi if you enjoy the equity, while the rate will be higher, you'll have piece of mind and will know how to increase the check from uncle sam every year, hope this helps and good luck Source(s): mortgage broker
You don't read aloud how much your loan balance is, and whether your current payment includes taxes and insurance.
So, assuming that your reward includes principal and interest only, your loan balance should be approximately $135,000 base on your current payment of $750/month. This also assumes your loan term is 30 years.
At 7.8% annual percentage rate, your spanking new payment would be $972/month for principal and interest only.
So, your payoff would increase by approximately $222.
You will find this information surrounded by the disclosure forms you received with your loan.
Related Questions:
How long do you dream up mortgage rates will stay at 5% or below? ?
I know no one knows for sure, but what is your prediction. We enjoy rates here (IL) at 4.75% right now and we're anxious to buy a house, but no one is selling within our small town...